QBE Insurance reports 7% YoY GWP growth in Q1 2025

Between January and April, catastrophe claims cost QBE approximately $420m.

QBE Insurance Group Ltd. posted a 7% year-on-year (YoY) increase in gross written premium (GWP) in the first quarter of 2025 (Q1 2025), or 8% on a constant currency basis. 

In QBE’s Crop segment, the insurer expects moderate GWP growth for the full year 2025, although net insurance revenue is projected to remain stable compared to 2024 due to increased cessions to the federal risk pool.

Between January and April 2025, catastrophe claims cost QBE approximately $420m, against a first-half catastrophe allowance of $549m. 

The losses were driven by wildfires in Los Angeles, flooding in Queensland, Cyclone Alfred, and convective storm events across North America.

QBE said its exposure to the LA wildfires remains unchanged from the FY24 result.

QBE reaffirmed its full-year 2025 outlook, maintaining expectations for mid-single-digit constant currency GWP growth. 

The group also continues to target a full-year combined operating ratio of approximately 92.5%.